The Denver real estate market is blazing hot. I don’t need to tell you that. But for desperate buyers out there — I’ve helped a few — the tail-end of the spring-buying season marks an opportunity.
Denver real estate stats show that the buying season has been beginning earlier and earlier for the last several years; this year it started in earnest in February and March.
Denver real estate graph from Land Title Guarantee Company built off MLS data.
That means the natural buying season arc wanes earlier and earlier. This slowdown is marked by fewer new listings and fewer buyers, as those exhausted from searching fruitlessly for months begin shifting their attention to other endeavors.
And this is an opportunity.
As seen in the chart above, the projected number of properties going under contract dips below the projected number of active properties beginning in July.
This is when competition from other buyers slows, properties that have been on the market for weeks begin slashing list prices and sellers looking to sell get a little more motivated to make a deal.
I’ve definitely been seeing this trend in the Denver neighborhoods I work in. In fact, in some cases, I’m recommending that sellers with luxury homes and particular over $1.5 million hold off until next year. (Homes at lower price points will sell as demand is so high; some sellers of homes at higher price points will fetch higher prices if they list next year).
I’m even recommending that my sellers hold off until next year to list (if they can or care to) to maximize their sale price.
Conversely, I’m telling my buyers that now is a good time to hunt. Reach out with any questions or if I can help in your search!